This
cover letter sets forth the specific terms for you under the Senior Manager Employment Agreement (the "Agreement") between you and Fieldstone Mortgage Company ("Fieldstone" or the
"Company"). The Agreement is attached to this letter. The Agreement, including the terms of this cover letter, and the Company's Employee Handbook, as amended, contain the complete terms of your
employment contract with Fieldstone. The Agreement, Including These Terms, Is Only Effective On Completion Of the sale of shares of the common stock of Fieldstone Investment
Corporation in a private offering under Rule 144a and other available exemptions under the Securities Act of 1933 prior to December 31, 2003.

I
am very pleased to confirm that you are offered the following employment terms for your Senior Manager Employment Agreement:

Position:

Senior Vice President Information Systems and Facilities

Duties:

manage all aspects of the Information Systems and Facilities functions for the entire Company

Bonus: if you achieve the specific criteria for a bonus established by Fieldstone each year, then you will be eligible to receive up to the following bonus amounts:

$200,000 annually, based on maintaining the functionality and efficiency of the information systems and facilities of the Company
25% of your earned bonus may be paid by issuance of common stock of the Company

Vacation:

3 weeks

Competition Region:

the entire United States of America

Competition Period:

during the Employment Period, the Extended Severance Period and the Post Termination Period, if any

Extended Severance Term:

24 months

Extended Severance Amount:

You will receive monthly payments equal to 1/12 of your base salary for the term of the extended severance period, plus you will receive an additional monthly payment equal to 1/12 of
$100,000

These
terms are in effect for the balance of 2003 on a pro rata basis and for 2004. These terms are also in effect for years after 2004 unless we have agreed in writing
to different terms by delivery to you of a revised version of this cover letter.

Thank
you for your continued commitment to building Fieldstone and your dedication to our shared success. If you have any questions regarding the above, please call me at
(410) 772-7211. I look forward to your continued success as part of Team Fieldstone in the future.

Please
sign a copy of this letter in the space below indicating your agreement to the terms of the Senior Manager Employment Agreement between you and Fieldstone, including the terms
outlined in this cover letter, and send the signed copy to me at the above address.